Notable Price Action: Can Magellan Health Inc’s Tomorrow be Different? The Stock Just Broke Its High

Notable Price Action: Can Magellan Health Inc's Tomorrow be Different? The Stock Just Broke Its High

The stock of Magellan Health Inc (NASDAQ:MGLN) hit a new 52-week high and has $78.19 target or 8.00% above today’s $72.40 share price. The 7 months bullish chart indicates low risk for the $1.71 billion company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $78.19 price target is reached, the company will be worth $136.80 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 1.12% or $0.8 during the last trading session, hitting $72.4. About 364,373 shares traded hands or 67.71% up from the average. Magellan Health Inc (NASDAQ:MGLN) has risen 0.60% since April 22, 2016 and is uptrending. It has underperformed by 4.81% the S&P500.

Analysts await Magellan Health Inc (NASDAQ:MGLN) to report earnings on March, 6. They expect $1.17 EPS, up 4.46% or $0.05 from last year’s $1.12 per share. MGLN’s profit will be $27.63 million for 15.47 P/E if the $1.17 EPS becomes a reality. After $1.25 actual EPS reported by Magellan Health Inc for the previous quarter, Wall Street now forecasts -6.40% negative EPS growth.

Magellan Health Inc (NASDAQ:MGLN) Ratings Coverage

Out of 3 analysts covering Magellan Health (NASDAQ:MGLN), 1 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 33% are positive. Magellan Health has been the topic of 11 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm earned “Underweight” rating on Wednesday, November 23 by Barclays Capital. On Wednesday, January 6 the stock rating was downgraded by Barclays Capital to “Underweight”. The firm has “Buy” rating by Jefferies given on Monday, September 26. Jefferies maintained it with “Buy” rating and $86 target price in Friday, May 20 report. Scotia Capital maintained the stock with “Sector Perform” rating in Tuesday, August 11 report.

According to Zacks Investment Research, “Magellan Health Services is the country’s leading behavioral managed care organization. Its customers include health plans, corporations and government agencies.”

Insitutional Activity: The institutional sentiment decreased to 0.91 in Q2 2016. Its down 0.42, from 1.33 in 2016Q1. The ratio worsened, as 14 funds sold all Magellan Health Inc shares owned while 59 reduced positions. 27 funds bought stakes while 70 increased positions. They now own 22.15 million shares or 19.49% less from 27.51 million shares in 2016Q1.
First Citizens Bankshares Trust, a North Carolina-based fund reported 14,127 shares. Moreover, Geode Capital Ltd Liability Com has 0.01% invested in Magellan Health Inc (NASDAQ:MGLN) for 246,046 shares. Qs Invsts Ltd Liability last reported 0.1% of its portfolio in the stock. Smith Graham And Inv Advsrs Ltd Partnership reported 143,941 shares or 1.31% of all its holdings. Cambiar Lc last reported 444,818 shares in the company. Tci Wealth Advsr Inc has 0% invested in the company for 12 shares. Credit Suisse Ag holds 0% or 47,825 shares in its portfolio. Citadel Ltd Liability Corp has 48,024 shares for 0% of their US portfolio. Blackrock Gru has 0% invested in the company for 39,239 shares. Bridgeway Cap Mgmt Inc reported 53,350 shares or 0.05% of all its holdings. Morgan Stanley has invested 0% of its portfolio in Magellan Health Inc (NASDAQ:MGLN). Old Mutual Glob Invsts (Uk) Ltd, a United Kingdom-based fund reported 54,632 shares. Alliancebernstein L P last reported 41,805 shares in the company. Eqis Management holds 0.03% or 5,865 shares in its portfolio. Sector Pension Invest Board holds 0.01% or 17,512 shares in its portfolio.

More important recent Magellan Health Inc (NASDAQ:MGLN) news were published by: Businesswire.com which released: “Magellan Health Provides 2017 Financial Guidance” on November 22, 2016, also Businesswire.com published article titled: “Magellan Health to Expand Experience in Special Population Management with the …”, Businesswire.com published: “Magellan Health to Expand Capabilities Related to Long-Term Services and Supports” on February 09, 2016. More interesting news about Magellan Health Inc (NASDAQ:MGLN) was released by: Businesswire.com and their article: “Magellan Health Names Srini Koushik as Chief Technology Officer” with publication date: January 05, 2016.

MGLN Company Profile

Magellan Health, Inc., incorporated on August 11, 1969, is engaged in the healthcare management business. The Company’s divisions include Healthcare, Pharmacy Management and Corporate. The Firm is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. The Firm provides services to health plans and other managed care organizations (MCOs), employers, labor unions, various military and governmental agencies and third party administrators (TPAs).

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